Carlyle Buys Parallax in $1B Canadian Oil and Gas Expansion

Global investment firm Carlyle has expanded its reach in Canada by acquiring privately owned oil and gas company Parallax.

The deal, worth approximately $1 billion, marks the second acquisition by Carlyle's energy group in 12 months, following the $1.4-billion purchase of Kiwetinohk Energy last year.

Carlyle has established a new Canadian company called Avenrock Energy to oversee the acquisition, which includes Parallax's substantial production base focused on light oil and natural gas liquids in Alberta's East Shale Duvernay region.

Avenrock aims to establish a significant operating presence in Western Canada, with plans to develop the Parallax asset base to build out a leading platform for light oil production.